I keep getting calls from perspective Las Vegas real estate buyers in general and home and condo buyers who are dead set to buy from a real estate auction in Las Vegas. OK that is all fine and good. However when I ask them what do you want, why do they want it and what do they expect to gain from buying from a real estate auction, they can’t answer except that they want a good deal.
I have always written that attending a Las Vegas real estate auction and buying from one requires expertise that most real estate professionals in Las Vegas lack, let alone amateurs. Some silly buyers call me and want me to give them pointers on how to buy a from a real estate auction so they can do this on their own. I am in business to make a living, my job is not to teach silly people to do something that takes years of experience in both buying from auctions and doing real estate transactions.
I have repeatedly written that one needs to find targets to shoot at and before a buyer even thinks to buy from a real estate auction, he/she should find target properties through the Las Vegas MLS, find out exactly what the comparable properties sell for and only then start to wait for a comparable property to hit the auction. Keeping in mind what I have written about buying from a Las Vegas real estate auction, then one can attempt to buy from the auction. If a buyer does everything right, that doesn’t guarantee success in a real estate auction. Click on the link below for the story of experienced real estate investors who hired a Las Vegas Realtor to help them, researched about 50 homes, were the highest bidder on one property and ended up with nothing since their bid did not satisfy the reserve price by the bank.
The deal is doing everything right in a Las Vegas real estate auction doesn’t guaranty success, but not doing everything correctly only guaranties failure.